Putin Makes Painful Climbdown as He Sues for Peace in Oil War [Yahoo! Finance News]
BP p.l.c. (BP)
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Source: Yahoo! Finance News
) -- Vladimir Putin’s deal with OPEC to cut oil output and boost prices three years ago was a triumph for the Russian leader, bolstering his clout on the global stage. But now he’s had to to make stinging concessions after U.S. President Donald Trump stepped in to end a price war.Amid relief in Moscow at the unprecedented deal with Saudi Arabia and other major producers to slash oil output, the accord marks a painful setback for Russia, said two people close to the Kremlin.Putin had catapulted Russia into a dominant role in global energy politics and drove a wedge between the U.S. and its Saudi ally, as the two marshaled producers to limit supplies. But it’s now clear he overplayed his hand when he refused to meet Saudi demands to double output cuts just five weeks ago. OPEC’s biggest producer cranked up output in a price war that crashed the market just as the spread of coronavirus demolished demand.With markets collapsing, Putin agreed to cut more than 2.5 million barrels a day of c
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